It is a common consensus among the general population that buying health insurance is for middle-aged people. However, you can always have a solid support system in case of a medical emergency in the form of health insurance as early in your life as possible. Increasing work-related stress and unhealthy eating habits are proving to cause major health-related conditions such as heart disease and diabetes among today’s youth. Cases of heart attacks and other lifestyle related illnesses are on the rise for people under 40 years of age. That is not only shocking but also shows concern. So, it is best not to put off buying a health insurance policy till you are older or middle-aged. With the rise in various lifestyle diseases people realise that putting the option of having healthcare support in the form of long-term health insurance plans on the pedestal is not a good idea. When you buy health insurance before you turn 30, it allows you to be ready for any unforeseen event and afford the best quality care. Buying health insurance early in life also lowers the financial and psychological burden imposed on your family by illnesses and health conditions.

Here are the top reasons why you need health insurance before turning 30:

• Pay lower premium:

The cost of a health insurance premium depends upon various factors, such as age, medical history, city of residence, etc., of the insured. If you buy a health insurance policy early in your life, you will have to pay less premium amount for your policy. The cost of health insurance premiums increases as you age because of the increase in associated risks. Hence, buying a health plan before you turn 30 will help you save on the premium amount.

• The less financial burden and more security:

Unforeseen circumstances are a part and parcel of life. One can never predict an accident or diagnosis of critical illness without any clear persistent signs. However, if such an event of medical emergency occurs, the treatment expenses can be significant. Buying a health insurance policy provides you with access to healthcare facilities when you require them, without having to pay out of your pocket. This way you can keep your savings secured and not feel any financial burden.

• Increasing lifestyle illnesses:

The fast-paced life today has given rise to the occurrence of lifestyle illnesses and disorders such as heart conditions, cancer, lung conditions, diabetes, and stroke, claiming younger lives. Therefore, buying health insurance is no longer just for the elderly but crucial before turning 30. Many health insurance policies offer annual health checks ups and discounts in family plans in order to encourage health awareness. Preventive services undertaken by some health insurance providers can help you in getting counselling, screenings, and vaccines to manage your health.

• Lower Claim Rejection Rates:

There are high chances of getting diagnosed with specific health conditions in later stages of life and if health insurance policy is bought after being diagnosed, there may be a waiting period of 2-4 years to get these conditions covered. Hence there may be a higher chance of claim rejection if any claims are raised pertaining to these health conditions during the waiting period. In such cases, the entire burden of treatment falls upon you, which may deplete your finances.

The above reasons will help you make an informed decision and buy comprehensive health insurance coverage before you turn 30.

This article is authored by Ravichandran N, the Chief Technical Officer at Kotak General Insurance, and views expressed in this article are the author’s personal views.